India, Jan. 5 -- Venezuela possesses the world's largest proven oil reserves, estimated at 303.8 billion barrels, overshadowing other nations like Saudi Arabia and Canada.

Despite this potential, oil production has plummeted to around 1 million barrels per day due to issues such as under-investment, political interference, and sanctions.

The country's production now stands at one-third of its output a decade ago. Recent events involving U.S. action against President Nicolas Maduro may cause short-term disruptions in oil markets. Nonetheless, Indian oil companies like ONGC and Oil India are likely to benefit, maintaining profitability amidst low prices.

Future uncertainties could lead to a minor spike in oil prices, particularly in resp...